FedEx Corp. Board declares quarterly dividend and announces Board changes
The Board of Directors of FedEx Corporation (NYSE: FDX) today declared a quarterly cash dividend of $0.09 per share on FedEx Corporation common stock, an increase of $0.01 per share over the previous dividend payment. The dividend is payable July 3, 2006 to stockholders of record at the close of business on June 12, 2006.
FedEx Corporation today also announced that Daniel J. Sullivan, President and Chief Executive Officer of FedEx Ground, will retire effective January 5, 2007. Sullivan, 60, has led the company’s FedEx Ground operating unit and will be succeeded by FedEx Express Executive Vice President David F. Rebholz, 53.
“Dan has done a tremendous job at FedEx Ground,” said Frederick W. Smith, Chairman, President and Chief Executive Officer of FedEx Corp. “Under his leadership, FedEx Ground has provided outstanding service to millions of customers, and become an important part of the total portfolio of FedEx services.”
Sullivan will retire after 35 years with FedEx Ground and its predecessor companies. In 1983, he initiated the development of RPS. Under his leadership, the ground small-package carrier became one of the fastest-growing transportation companies in history, achieving a billion dollars in revenue after only nine years. Sullivan was chairman, president and chief executive officer of Caliber System, Inc. when FedEx acquired it in 1998 and had served in various senior management capacities during his career at Caliber and Roadway Services, Inc. He has agreed to provide certain consulting services to FedEx following his retirement.
“In his new position, Dave Rebholz’s vast operational experience and passion for customer service will continue Dan Sullivan’s legacy of success,” said Frederick W. Smith. “I have the utmost confidence that under Dave’s leadership, FedEx Ground will continue to successfully drive its growth strategy and strengthen its competitive position.”
Rebholz joined FedEx Express in 1976 and is currently Executive Vice President, Operations & Systems Support, where he is responsible for overseeing FedEx Express’s air fleet operations and U.S. ground operations. Prior to his current position, Rebholz served in several management capacities in Ground Operations, Sales and Customer Service at FedEx Express.
